The authorised fund manager operates the scheme on a day-to-day basis. Its operation is determined by the rules in this chapter, which require appropriate powers in the instrument constituting the fund3 or refer to the need to state the relevant operating procedures in the prospectus of the scheme.3
4The rules in this chapter set out the parameters of such delegation4, except in relation to a non-UCITS retail scheme managed by a full-scope UK AIFM, where this chapter supplements FUND 3.10 (Delegation).
The depositary's duty is, generally speaking, to ensure the safe custody of scheme property and to oversee certain functions of the1 authorised fund manager (most notably the pricing and dealing function and investment powers). The oversight responsibilities for a trustee of an AUT are similar to, but not the same as, the oversight responsibilities of the depositary of an ICVC or ACS2. These differences result from the different legal structure of the authorised funds and the trustee's obligations under trust law.
COLL 6.1.2 GRP